A 40-year-old man has appeared in court charged in connection with an investigation into an alleged €5m investment fraud.

David Piele, a UK national with an address at Rectory Way in Bray, Co Wicklow was granted bail subject to certain strict conditions.

Detective Garda Siobhan Moore said she arrested Mr Piele just after 7.30am yesterday at his home in Bray – a home he shares with his partner and two children.

She said the investigation into the alleged investment fraud was launched after a man called Kari Wahlstrom made a complaint to Gardaí.

She said it would be alleged that David Piele used the false name David Marshall in his dealings with him, that Mr. Wahlstrom believed he was buying some land and would avail of certain Government grants, and that he was deceived to the sum of £52,000 at AIB in Dún Laoghaire last February.

Gardaí objected to bail on a several grounds, including their concerns he’d leave Ireland, the seriousness of the charge and the strength of the evidence

But Judge Anne Watkins granted bail subject to certain conditions. He is due back in court in six weeks time.

A second man arrested yesterday as part of the investigation is still being held at Dún Laoghaire Garda Station